Investors on the Nigerian Exchange (NGX) suffered a combined loss of N945 billion on Monday as widespread sell-offs in oil and gas equities, alongside renewed pressure on First HoldCo shares, dragged the market lower.
The downturn saw the market capitalisation of listed equities decline significantly, reflecting cautious investor sentiment and profit-taking activities across key sectors of the market.At the close of trading, the NGX All-Share Index (ASI) retreated, ending a recent streak of gains as major stocks posted losses.
Oil-related counters were among the worst performers, while First HoldCo extended its decline amid sustained selling pressure from investors.Market analysts attributed the bearish performance to profit-taking by investors who moved to lock in gains following previous rallies in several heavyweight stocks. The decline in oil stocks further compounded losses recorded in the banking sector.Despite the negative market breadth, a number of equities still attracted buying interest, underscoring pockets of resilience within the broader market.
Trading activity remained robust, with investors exchanging millions of shares valued at several billions of naira across thousands of deals.The N945 billion decline in market value highlights the volatility that continues to characterise the domestic equities market, as investors react to company-specific developments and broader economic indicators.
Analysts expect market participants to closely monitor corporate disclosures, macroeconomic trends, and policy developments in the coming sessions for clearer direction on investment decisions.
